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World economy 13th September 2024

OHLA wins two new contracts in US valued at around €330m

Link Securities | The company has been awarded, through its subsidiaries OHLA Building and OHLA USA, two new projects in the US for a combined value of $350 million (about €330 million), according to the portal Bolsamania.com. The largest contract, valued at $228 million (around €214 million) and awarded to OHLA Building, includes the design and construction of new facilities for the correctional and rehabilitation centre in Miami-Dade County, Florida.

In the World 12th September 2024

OPEC projects weaker oil demand in 2024 and 2025 as China’s demand slumps

Bankinter | OPEC projects weaker oil demand for 2024 and 2025 in its monthly report. It estimates that it will grow in 2024 +1.99% year-on-year (versus +2.07% previously) or 2.03M bpd (versus 2.11M bpd previously) and in 2025 +1.67% (versus +1.71% previously) or 1.64M bpd (versus 1.74M bpd previously). This is the second consecutive month of downward revisions to global oil demand. Opinion of the Bankinter analysis team: Bad news…

World economy 12th September 2024

Most economists polled by Reuters believe Fed will cut rates by 25 bps at each meeting for remainder of year

Link Securities | According to a Reuters poll, a majority of economists surveyed believe that the Federal Reserve (Fed) will cut its policy rate by 25 basis points at each of the three remaining policy meetings this year (September, November and December). Moreover, only nine economists out of 101 surveyed expected a cut of half a percentage point next week, when the Federal Open Market Committee (FOMC) meets, while 92…

In the World 11th September 2024

Apple unveils new iPhone 16 to lukewarm market reception

Bankinter | Apple unveiled its new iPhone 16 on Monday to a lukewarm reception from the market. The expectation was high for the presentation of the new iPhone 16 model, given that they were the first models focused on taking advantage of AI. In this aspect, new functions stand out, such as the integration of ChatGPT within its voice assistant “Siri” and the ability to focus on an object with…

World economy 11th September 2024

Chinese import growth signals buoyant domestic demand, but exports deteriorate

Bankinter : Trade Balance (August): $91,020M vs. $81,100M expected vs. $84,650M previous. Exports: +8.7% vs. +6.6% expected vs. +7.0% previous. Imports: +0.5% vs. +2.5% expected vs. +7.2% previously. Opinion of Bankinter’s analysis team: Import growth marks a two-year high, reflecting the dynamism of domestic demand, which is increasing this month. However, the sharp slowdown in exports, which were the key to the recovery of GDP in 2Q24, is a negative…

World economy 10th September 2024

China’s price benchmarks show lack of inflationary pressures and encourage deflation risk

Bankinter | August CPI rises to +0.6% year-on-year from +0.5% previously, however, it is a tenth of a percentage point lower than expected. The Underlying Rate rose +0.3% year-on-year in August (up from +0.4% average) and registers the lowest rate since March 2021. (2) August Industrial Prices declined -1.8% year-on-year from -0.8% pre and worse than the expected -1.5% year-on-year. Bankinter’s analysis team’s opinion: The two price references show the…

World economy 7th September 2024

US records largest trade deficit in two years: up +7.9% from previous month to $78.8bn

Intermoney | US foreign trade posted a $78.8 billion deficit in July, which was within our forecast, widening the gap to the highest level in two years, driven by a surge in goods imports. But it also reflected the intention of companies to ensure adequate supply in the face of a possible dock workers’ strike, which led the value of imports of goods and services to rise by 2.1%. And…

World economy 6th September 2024

End of US yield curve inversion: for first time in 26 months, 10-year bond vs. 2-year bond shows positive slope

Banca March: More than two years after the 10-year – 2-year slope began the inversion – the short 2-year sovereign rate was higher than the long 10-year rate – today the US benchmark has a positive slope for the first time. In this case, the inversion of the curve has lasted 26 months, the longest period since the 1980s. Historically, the last six recessions have been preceded by an inversion…

World economy 5th September 2024

Qatar’s sovereign wealth fund wants to increase stake in Iberdrola to more than 10% from current 8.69%

Banco Sabadell: According to press reports, the Qatar Investment Authority wants to raise its stake in Iberdrola from the current 8.69% and will seek to allow it to pass 10%. Assessment: Positive news with limited impact pending confirmation. Qatar would continue to hold the largest stake in the company, followed by Blackrock (5.395%) and Norges (3.116%). An increase in Qatar’s shareholding would have no consequences for the management of the…

World economy 3rd September 2024

Técnicas Reunidas aims to build new gas conversion plant in Kazakhstan for an estimated €2.7 billion

Alphavalue / Divacons | The Spanish oil services company is in advanced talks to build a new gas development project in Kazakhstan, one of the world’s largest oil and gas producers, with an investment budget of up to $3 billion (around €2.7 billion), reports Expansión. According to energy sources, state-owned KazMunayGaz (KMG) is negotiating the contract with the Spanish company as part of a programme to modernise the Tengiz oil…

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